TFI vs. ZTAX
Compare and contrast key facts about SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and X-Square Municipal Income Tax Free ETF (ZTAX).
TFI and ZTAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TFI is a passively managed fund by State Street that tracks the performance of the Bloomberg US Municipal Managed Money (1-25 Y). It was launched on Sep 11, 2007. ZTAX is an actively managed fund by X-Square. It was launched on May 18, 2023.
Performance
TFI vs. ZTAX - Performance Comparison
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TFI vs. ZTAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | -0.03% | 3.62% | -0.01% | 4.45% |
ZTAX X-Square Municipal Income Tax Free ETF | 0.90% | -1.02% | 7.98% | 9.14% |
Returns By Period
In the year-to-date period, TFI achieves a -0.03% return, which is significantly lower than ZTAX's 0.90% return.
TFI
- 1D
- 0.21%
- 1M
- -1.62%
- YTD
- -0.03%
- 6M
- 1.37%
- 1Y
- 3.90%
- 3Y*
- 2.02%
- 5Y*
- -0.07%
- 10Y*
- 1.53%
ZTAX
- 1D
- 0.00%
- 1M
- 0.80%
- YTD
- 0.90%
- 6M
- 4.82%
- 1Y
- 5.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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TFI vs. ZTAX - Expense Ratio Comparison
TFI has a 0.23% expense ratio, which is lower than ZTAX's 1.14% expense ratio.
Return for Risk
TFI vs. ZTAX — Risk / Return Rank
TFI
ZTAX
TFI vs. ZTAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) and X-Square Municipal Income Tax Free ETF (ZTAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| TFI | ZTAX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.96 | 0.21 | +0.74 |
Sortino ratioReturn per unit of downside risk | 1.19 | 0.49 | +0.70 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.08 | +0.14 |
Calmar ratioReturn relative to maximum drawdown | 1.11 | 0.52 | +0.59 |
Martin ratioReturn relative to average drawdown | 3.52 | 1.39 | +2.13 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TFI | ZTAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.96 | 0.21 | +0.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.02 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.50 | 0.22 | +0.29 |
Correlation
The correlation between TFI and ZTAX is 0.02, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
TFI vs. ZTAX - Dividend Comparison
TFI's dividend yield for the trailing twelve months is around 3.45%, less than ZTAX's 4.52% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TFI SPDR Nuveen Bloomberg Barclays Municipal Bond ETF | 3.45% | 3.32% | 3.01% | 2.41% | 1.87% | 1.71% | 1.91% | 2.14% | 2.26% | 2.16% | 2.39% | 2.40% |
ZTAX X-Square Municipal Income Tax Free ETF | 4.52% | 4.58% | 4.55% | 2.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TFI vs. ZTAX - Drawdown Comparison
The maximum TFI drawdown since its inception was -15.49%, roughly equal to the maximum ZTAX drawdown of -15.33%. Use the drawdown chart below to compare losses from any high point for TFI and ZTAX.
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Drawdown Indicators
| TFI | ZTAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.49% | -15.33% | -0.16% |
Max Drawdown (1Y)Largest decline over 1 year | -3.90% | -10.47% | +6.57% |
Max Drawdown (5Y)Largest decline over 5 years | -15.41% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.49% | — | — |
Current DrawdownCurrent decline from peak | -2.40% | -5.92% | +3.52% |
Average DrawdownAverage peak-to-trough decline | -2.98% | -6.87% | +3.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 3.92% | -2.69% |
Volatility
TFI vs. ZTAX - Volatility Comparison
The current volatility for SPDR Nuveen Bloomberg Barclays Municipal Bond ETF (TFI) is 1.45%, while X-Square Municipal Income Tax Free ETF (ZTAX) has a volatility of 9.47%. This indicates that TFI experiences smaller price fluctuations and is considered to be less risky than ZTAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TFI | ZTAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.45% | 9.47% | -8.02% |
Volatility (6M)Calculated over the trailing 6-month period | 2.00% | 24.05% | -22.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 25.93% | -21.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.29% | 27.25% | -22.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.99% | 27.25% | -22.26% |